Analysis and forecasts for EUR / USD 01/12/16

FX:EURUSD   Euro / U.S. Dollar
The situation in the most important currency pair failed despite breaking above resistance at the 1.0940 level has not changed. Demand side only reached the level 1.0971 and then supply systematically pushed euro-dollar exchange rate to lower price levels. Minimum fell to 1.0847 level.

On Tuesday, we do not have any data on the calendar macroeconomic and this means that the EUR / USD can be considered only from the purely technical. Therefore, we should keep in mind that the demand side once again will have a chance of defense support, at 1,08-1,0810. If this test is positive, we may see a return in around the upper limit of the downward channel . At present they are around the level of 1.0925. (Keep in mind that despite a failed clearance, the situation of variant growth has not been negated).
In the case of another breaking upside, the next resistance levels are 1.0945 (maximum of 7 January), 1.0971 (maximum 11 January), and 1,0980-90 (peak at the beginning and the end of December). In a more optimistic version, the growth may reach the next resistance located in the area of 1,1025-60 (casings candles, and peaks from 9-15 December last year).

In an alternative version the demand side will not defend 1,08-1,0810 support level which will result in declines, in the vicinity of the lower limit of the downward channel . The objective in this case will zone support levels between 1,0680-1,0715.
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